just saw this clip of jim cramer talking about a letter he received from an angry viewer today.

cramer had the ceo of wachovia on two weeks ago; he shows clips from the interview showing bob steel saying that wachovia only had $10 billion in sub-prime loses and that “they’d be fine”. turns out they had $40 billion in loses, enough to sink the bank, which happened today. we’ll, here we are seeing wachovia go under/assets bough-out by citibank. stock should go to zero tomorrow. stock dropped to 1 cent today from $15 the week of the interview.

if the bloody ceo didn’t know or is lying about his ‘strong bank’, then what does that really say for the whole system??? if the american economy is really as paper thin its appeared the last two weeks, time to throw out old ‘system’ and start a new…i guess that’s how revolutions happen…

the takeaway from all this is that, at the end of the day, everyone is just guessing/making it up as they go along – this whole financial mess really drives that home.